Gasoline Headed for $5 a Gallon in California
With crude oil prices rising towards $100 a barrel on Ukraine tensions and tight supplies, industry watchers see fuel price rises continuing for months.
Crude oil prices reached $90 a barrel on Thursday for the first time since 2014 on greater uncertainty over Russian saber rattling at Ukraine and tight supplies elsewhere.
Oil reaching the $90 mark is “certainly another psychological barrier passed,” said Patrick De Haan, head of petroleum analysis at GasBuddy, a Boston-based provider of retail fuel pricing information and data. The national average price for gasoline should continue advancing to as high as $3.50 a gallon in the next week or two, De Haan said.
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